Ichigo Preserves and Improves Real Estate[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

October 27, 2017
IssuerIchigo Office REIT Investment Corporation (“Ichigo Office,” 8975)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
www.ichigo-office.co.jp/english
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Wataru Orii, PresidentInquiries: Hiroto Tajitsu, Head of Business Administration
Tel: +81-3-3502-4891

Loan Repayment
Ichigo Office today decided to partially repay Syndicate Loan I-B (JPY 1,274 million)
using proceeds from the bond issuance announced in the September 15, 2017 release“Bond Issuance.”
1. Reason for Repayment
Since the repayment will be made using proceeds from the issuance of 10-year bonds, it
extends Ichigo Office’s loan and bond maturity.
2. Repayment Details
Syndicate Loan I-B
LenderOutstanding Balance before Repayment
Repayment Amount
Outstanding Balance after Repayment
Date of Repayment
Interest Rate
Collateralized
Original Date of Loan
Loan Maturity Date

Kagawa Bank
JPY 1,274 million
JPY 319 million
JPY 955 million
October 31, 2017
1M JPY TIBOR + 0.60% (p.a.)No
September 30, 2015
March 31, 2020

Together with this partial repayment Ichigo Office is changing the terms for principal
repayment on this loan from quarterly installments (amortization) to a single lump-sum
payment at maturity. (For details of the original repayment terms, please refer to the
September 28, 2015 release “Notice of New Loans, Interest Rate Swap, and Repayment
of Existing Loans.”)
3. Earnings Outlook
The impact of this repayment on Ichigo Office’s earnings and dividend forecasts for theOctober 2017 and April 2018 fiscal periods is minimal, and therefore the forecasts areunchanged.
1Reference: Loan and Bond Composition after Repayment
Outstanding Loan and Bond Balance (as of October 31, 2017)(JPY million)
BeforeRepayment(A)
Short-term bank loans
Long-term bank loans(due within one year)

AfterRepayment(B)

Change(B) - (A)–––12,095

13,661

1,565Long-term bank loans

90,45388,520‐1,932

Total bank loans

102,548

102,181

‐367

1,200

1,200

–

103,748

103,381‐367

Other interest-bearing liabilities–––

Total interest-bearing liabilities

103,748

103,381‐367

Bond issuanceTotal bank loans and bondissuance

Note: The above figures include today’s JPY 319 million repayment plus JPY 48
million of repayment (amortization) of other loans scheduled for October 31,
2017.
Distribution of Loan and Bond Maturities (as of October 31, 2017)
Before Repayment(JPY million)

Long-Term Bank Loans
Investment Corporation Bonds

9,563

8,938
6,867

9,574

10,233

9,639

9,629

9,633

9,623

7,263

4,549
3,400

3,000

1,200
Oct
2017

Apr2018

Oct2018

Apr2019

Oct2019

Apr2020

Oct2020

Apr2021

Oct2021

Apr2022

Oct2022

Apr2023

Oct
2023

Apr2024

Oct2024

Apr2025

Oct
2027

After Repayment
Long-Term Bank Loans
Investment Corporation Bonds(JPY million)
9,314

8,938
6,867

9,574

10,233

9,639

9,629

9,633

9,623

7,263

4,549
3,400

3,000

1,200
Oct
2017

Apr2018

Oct2018

Apr2019

Oct2019

Apr2020

Oct2020

Apr
2021

Oct20212

Apr
2022

Oct
2022

Apr
2023

Oct
2023

Apr
2024

Oct
2024

Apr
2025

Oct2027